Question: Q1. For each production function below, show if it has increasing, constant or decreasing returns to scale, show if the marginal products of labor and

Q1. For each production function below, show if it has increasing, constant or decreasing returns to scale, show if the marginal products of labor and capital (MP1, and MPK) are increasing, constant or decreasing as the amount of only the factor in question is varied. Finally, calculate the MRTSL,K for each production function. (a) f(L, K) = L + 2K (b) f(L, K) = 1/ 5 LK2 (c) f(L, K) = L\"4 K '5 (d) f(L, K) = ( L1/3 + K 1/3 )3

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